News Corporation sells its shares in TEN Sydney and Melbourne to Westfield Capital Corporation, which already holds a 20% stake in Northern Star Holdings. Northern Star holdings purchased NEW Perth, ADS Adelaide and CTC Canberra, making the company Australia's only five metropolitan city network. Darling Downs Television bought TEN Brisbane from Qintex. United Telecasters Qld Limited changes its company name to Network TEN Qld Limited. Northern Star Holdings purchases TEN Brisbane from Darling Downs Television. TEN stations in Adelaide, Perth and Canberra are sold to Capital Television, owned by Charles Curran. Westfield announces it will sell its 51.3% of Northern Star - 19.7% to interests associated with Broadcom, and 31.6% to investors. Northern Star Holdings and subsidiaries go into receivership, under the control of Ernst and Young. Westpac negotiates a debt for equity swap with receivers, securing ownership. A consortium including Canwest acquires TEN from Westpac. |